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EIB to extend €250 m loan to back Borealis’ plastics cirularity
The European Investment Bank (EIB) will provide a €250 million loan supporting Borealis’ multi-year investment program in the area of plastics circularity, in line with its objectives to support innovation, climate action and sustainability.
The loan will enable Borealis to intensify the development of novel, polyolefins-based circular solutions at its Innovation Centers in Austria, Sweden and Finland. Polyolefins produced by Borealis are used in a wide range of applications in consumer products, packaging, power transmission cabling, and industrial and construction materials.
As a leading provider of innovative polyolefins solutions, Borealis aims to make its own core business more circular. The circular economy is one of three key areas in the new Borealis 2035 Group Strategy which was announced earlier this year.
Borealis has been at the forefront of industry efforts to accelerate the transformation to a circular economy of plastics. Its proprietary Borstar®, Borlink™ and Borceed ™ technologies have recently been enriched by Borcycle™, an evolving technology that enables the production of high-quality recycled polyolefins (rPOs), and the Borenewables™, a portfolio of circular polyolefins produced with renewable feedstock derived entirely from waste and residue streams.
Borealis has already begun working with value chain partners in recent years to develop and launch innovative, value-adding circular solutions in a variety of industries, including energy, automotive and consumer packaging. Borealis also aims to integrate an ever larger share of recycled plastics in its products.
“We are exceedingly pleased to be able to boost our research and innovation activities in Europe thanks to the EIB,” says Alfred Stern, Borealis CEO. “It is good to have strong partners who share our belief in the importance of re-inventing for more sustainable living.”
“The promotion of circular solutions in the polyolefins industry is aligned with our goals to accelerate the transition to a circular economy, including for plastics, and to support cutting-edge innovation,” explains Ambroise Fayolle, EIB Vice-President. “We are happy to continue and intensify our collaboration with Borealis AG by signing our largest transaction together so far. As the EU’s climate bank, we are eager to support private sector partners that are committed to environmental sustainability.”
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